New Perspective - Day Trading

[MMN]

lets understand few things:
1. trading system has a limited role - u can borrow a working system and not make money at all
2. U can get along with mkt vibes and get a feel but still not make money... as it is a novice has 50% chance of making money but only less than 5% individual traders make money .. is not it completely against odds?
3. U have to know how to make money or what makes money ... it is a skill like any other profession.. one has to nurture himself/herself to grow the psychological side to understand, preach and practice the DOs and avoid the DONTs
4. U have to know yourself and find a system that is ur twin brother/sister to make money specially if u r trading manually
5. I have developed many systems ...if i can say some of them have good performances which i have tested over multiple years.. i have good vibes about what mkt is going to do... more often i get the feel right... but i trade comfortably with certain kinds of systems not other kinds (though i tested that they r good systems)...those systems r not my twins..
hope it makes sense!

Agree...Trading system is an auxillary and important factor which does play a key role in trading as we should have a system which tells us where to get in and get out...
But as you rightly said psychology plays a pivotal role in trading success... some times I strongly feel we should sit in front of psychologist who can analyse us as an individual and give us tailored do's and don't checklist for our success.

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[Happy_Singh]

Agree...Trading system is an auxillary and important factor which does play a key role in trading as we should have a system which tells us where to get in and get out...
But as you rightly said psychology plays a pivotal role in trading success... some times I strongly feel we should sit in front of psychologist who can analyse us as an individual and give us tailored do's and don't checklist for our success.

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What stops you from actually doing it?


PS: It's not a rhetorical question.

.

 

[MMN]

What stops you from actually doing it?


PS: It's not a rhetorical question.

.

Hmmm good question

Probably it could be any or all of these
1. Never been to psychologist so fear of unknown
2. My brain has not convinced me yet with a compelling reason that go reach a psychologist...could be my own weakness
3. We have dearth of good psychologists and think we will need a specialist one who can understand trader n his mindset.my personal take and I have every right to be wrong.

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[Schatz]

probably u r aware that some trading firms actually recruit psychologists... but having said that not any psychologist can do the job... u need somebody who has worked with traders before...
then again u may not need that at all if u can spend time on understanding urself by analysing ur trading journals thoroughly... what makes money ?... where do i lose money? and why? ...
i can give u DOs and DONTs but it may not work because u need to believe in it... which will come from experience... u need to be honest with urself ..not blame situations for mistakes and things like that...
trading is a journey where u get to meet urself somewhere down the line... u get to know who u r truly.. and surprisingly that may be very different than what u think u r or what u want to be

 

[Happy_Singh]

Hmmm good question

Probably it could be any or all of these
1. Never been to psychologist so fear of unknown
2. My brain has not convinced me yet with a compelling reason that go reach a psychologist...could be my own weakness

What would be the compelling reason for Sachin Tendulkar, Virat Kohli or the entire squads of all the cricket teams (or teams of any other competitive sports / games) to use sport psychologist ?

3. We have dearth of good psychologists and think we will need a specialist one who can understand trader n his mindset.my personal take and I have every right to be wrong.

So for everything else (GP, Cardiologist, Internal Medicine dermatologist, ophthalmologist, etc. etc.) do we have only the best kind available??

"The treasure is buried where you do not want to look."

 

[MMN]

Hmmm good question

Probably it could be any or all of these
1. Never been to psychologist so fear of unknown
2. My brain has not convinced me yet with a compelling reason that go reach a psychologist...could be my own weakness
3. We have dearth of good psychologists and think we will need a specialist one who can understand trader n his mindset.my personal take and I have every right to be wrong.

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probably u r aware that some trading firms actually recruit psychologists... but having said that not any psychologist can do the job... u need somebody who has worked with traders before...
then again u may not need that at all if u can spend time on understanding urself by analysing ur trading journals thoroughly... what makes money ?... where do i lose money? and why? ...
i can give u DOs and DONTs but it may not work because u need to believe in it... which will come from experience... u need to be honest with urself ..not blame situations for mistakes and things like that...
trading is a journey where u get to meet urself somewhere down the line... u get to know who u r truly.. and surprisingly that may be very different than what u think u r or what u want to be

Agree..
Psychology says 90% of changes are involuntary and only 10% are voluntary...And that 90% is the black box we don't know anything about that....This 90% is a mix of your childhood experiences, incidents, your religious beliefs, your interaction with environments meaning friends, relative, colleagues,spouse etc...we need to change this equation of 90-10 and feed our minds with the believes that are in Harmony with what a successful trader needs to believe in..and it's a very complex task to understand but changing could be easy provided you get to know what is the root of conflicting beliefs..

I 200% agree to what you said you need to be true to yourself and willing to change yourself truely and not doing just lip service

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[MMN]

probably u r aware that some trading firms actually recruit psychologists... but having said that not any psychologist can do the job... u need somebody who has worked with traders before...
then again u may not need that at all if u can spend time on understanding urself by analysing ur trading journals thoroughly... what makes money ?... where do i lose money? and why? ...
i can give u DOs and DONTs but it may not work because u need to believe in it... which will come from experience... u need to be honest with urself ..not blame situations for mistakes and things like that...
trading is a journey where u get to meet urself somewhere down the line... u get to know who u r truly.. and surprisingly that may be very different than what u think u r or what u want to be

On this subject- what do you think is the role of innate skills...what role it plays in making you a successful trader,
For example Rahul Gandhi ...no amount of training has helped in becoming a good politician and he quit and where as Narender Modi had all the skills from the beginning...can we draw any correlation here?...I know I am making some assumptions here I can be wrong...

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[MMN]

What would be the compelling reason for Sachin Tendulkar, Virat Kohli or the entire squads of all the cricket teams (or teams of any other competitive sports / games) to use sport psychologist ?



So for everything else (GP, Cardiologist, Internal Medicine dermatologist, ophthalmologist, etc. etc.) we have only the best kind available??

I aspire to be in line with Virat n Sachin's mindset...what's compelling reason..... It's a complex question...I don't have an answer

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[primitivetrader]

you are trying to reinvent the wheel. it's not going to serve in any way. If you are a trader and not consistently profitable or making many psychological mistakes (as per your understanding). pick a good book on trading psychology and cover the base.

treat, study and work with it, like your life is depended on understanding and applying its principles in trading. you will become a profitable trader.

the only book which comes to my mind is by Mark Douglas, "Trading in the zone". Buy the hard copy. or any other book which you know is good.

aspiration does not goona work. you have to work on yourself.

all the best.

 

[MMN]

you are trying to reinvent the wheel. it's not going to serve in any way. If you are a trader and not consistently profitable or making many psychological mistakes (as per your understanding). pick a good book on trading psychology and cover the base.

treat, study and work with it, like your life is depended on understanding and applying its principles in trading. you will become a profitable trader.

the only book which comes to my mind is by Mark Douglas, "Trading in the zone". Buy the hard copy. or any other book which you know is good.

aspiration does not goona work. you have to work on yourself.

all the best.

Thank you for your recommendation...I did read Trading in the zone and Mark Douglas has been my favorite author for years...several other books on those lines... I think your success also depends on what circumstances your brain works optimum....are you a good at making decisions on fly, meaning quickly which warrants to be in STF n your brain processes information slowly which will help you with LTF...your beliefs related Money and other beliefs which are so deeply ingrained and hard coded in you ..you don't know which conflicting belief is causing what magic at which event....which can be deterrent in you being successful...I think it's more complex...but there is light at the end of the tunnel...I know this might be sounding lot of Gyan...but just giving my perspective..


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